“These are known as packaged bank accounts and the insurance is in return for a monthly fee. While they’re a waste of cash for many who were upsold them without need, if you’d be shelling out for the insurance anyway they can be a winner.”

Martin Lewis’s best package bank accounts

Best long-term bank account

Martin said: “The long-term top pick for many is Nationwide’s FlexPlus account, yet from next week it is cutting the three per cent interest it pays on up to £2,500 for those in credit, which has caused anger for existing customers.

“Yet having crunched the numbers, for families at least, it’s still easily the best buy. You pay £13/mth fee (so £156/yr) and get worldwide family travel insurance including winter sports cover up to your 70th birthday, family smartphone insurance (so if four of you in a house with smartphones, this is worth hundreds) and UK and Europe breakdown cover for the account holder.

“The key to deciding if it’s right for you is to work out which of these policies you’d normally buy anyway and add up how much they cost per year, then compare to simply paying the annual fee.”

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